Sonic Corp. Shares Jump After Earnings Beat

By Claudia AssisMarketWatch Pulse

Sonic Corp. shares jumped nearly 6% Tuesday after the drive-in fast-food chain beat fiscal second-quarter expectations. Sonic said it earned an adjusted $9 million, or 18 cents a share, in the quarter, compared with 13 cents a share in the year-ago period. Revenue reached $133 million, up from $126 million a year ago. Analysts polled by FactSet had expected Sonic to report adjusted earnings of 16 cents a share on sales of $127 million for the quarter. Sonic said its same-store sales rose 6.5%. The company revised up its expectations for adjusted earnings per share growth for fiscal 2016 to 20% to 25% from 16% to 20% and said it anticipates 50 to 60 franchise openings in the year.

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